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Sensex rises 465 pts, Nifty ends above 17,500; banking, capital goods shares gain

Sensex rises 465 pts, Nifty ends above 17,500; banking, capital goods shares gain

Sensex closed 465 points higher at 58,853 and Nifty gained 127 points to 17,525.

The Indian market ended higher for the second consectuive session today. The Indian market ended higher for the second consectuive session today.

The Indian market ended higher for the second consecutive session on Monday led by gains in capital goods, auto and banking stocks. Sensex closed 465 points higher at 58,853 and Nifty gained 127 points to 17,525 amid mixed global cues.

Of 30 Sensex stocks, 19 ended in the green.

M&M, Bajaj Finserv and HDFC Bank were the top Sensex gainers, rising up to 3.13 per cent.

SBI, UltraTech Cements, Nestle India and Wipro Bank were the top Sensex losers, falling up to 1.95 per cent.

Mid-cap and small-cap indices on BSE rose 77 points and 77.36 points, respectively.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "Technically, after a muted opening, the market successfully cleared the short term resistance of 17500 which is broadly positive. Bullish candle on daily charts and intraday breakout formation is indicating a further uptrend from the current levels. For benchmark Nifty, the key support level is 17400 and above which, the breakout formation is likely to continue till 17650-17700. On the other hand, below 17400, the index could slip till 17,325-17,300."

Capital goods, auto and banking stocks were the top sectoral gainers with their BSE indices zooming 592 points, 308 points and 301 points,respectively.

Share Market update: Sensex rises 465 pts, Nifty above 17,500; M&M, Bajaj Finserv gain

Market breadth was positive with 1,939 stocks ending higher against 1,559 stocks falling on BSE. 172 shares were unchanged.

Vinod Nair, Head of Research at Geojit Financial Services said, "Sustained FII buying and falling oil prices are the major drivers for the ongoing market rally. Heavyweights played a significant role in today's rise, while PSU banks remained under pressure following weak results of the PSB major. Western markets continued to gain after strong US job numbers allayed worries of a recession. The week ahead is busy in terms of economic data with the domestic investors gearing up for the release of the inflation numbers along with the manufacturing production data to gauge the strength of the economy."

Market cap of BSE-listed firms stood at Rs 272.83 lakh crore.

Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 1,605 crore on Friday, as per exchange data.

Market on Friday

On Friday, market ended higher in a volatile trading session. Sensex rose 89 points to 58,387 and Nifty gained 7 points to 17,389. Of 30 Sensex stocks, 16 ended in the green.

UltraTech Cements, ICICI Bank, Bharti Airtel and PowerGrid Bank were the top Sensex gainers, rising up to 2.31 per cent.

M&M, Maruti Suzuki, Reliance Industries and IndusInd Bank were the top Sensex losers, falling up to 2.06 per cent.

Published on: Aug 08, 2022, 4:03 PM IST
Posted by: Aseem Thapliyal, Aug 08, 2022, 3:56 PM IST
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